Summary Notice of Proposed Settlement of National City Corporation Class Action
by PR Newswire
NEW YORK, Nov. 22, 2011 /PRNewswire/ -- Kirby McInerney LLP is issuing the following statement regarding the In re National City Corporation Securities, Derivative & ERISA Litigation:
UNITED STATES DISTRICT COURT
NORTHERN DISTRICT OF OHIO
In re NATIONAL CITY CORPORATION SECURITIES, DERIVATIVE & ERISA LITIGATION CLASS ACTION, MDL NO.: 2003, CASE NO. 1:08-nc-70004
Summary Notice of Proposed Settlement of Class Action
TO: ALL PERSONS OR ENTITIES WHO PURCHASED OR OTHERWISE ACQUIRED THE COMMON STOCK OF NATIONAL CITY CORPORATION ("NATIONAL CITY", TRADING SYMBOL NYSE: NCC) BETWEEN APRIL 30, 2007 AND APRIL 21, 2008, INCLUSIVE, AND ALL PERSONS WHO ACQUIRED NATIONAL CITY COMMON STOCK ISSUED PURSUANT TO A NATIONAL CITY REGISTRATION STATEMENT FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ("SEC") IN CONNECTION WITH NATIONAL CITY'S ACQUISITION OF MAF BANCORP, INC. ON OR ABOUT SEPTEMBER 1, 2007 (THE "MAF SUBCLASS").
THIS NOTICE WAS AUTHORIZED BY THE COURT. IT IS NOT A LAWYER SOLICITATION. PLEASE READ THIS NOTICE CAREFULLY AND IN ITS ENTIRETY.
YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the United States District Court for the Northern District of Ohio, that a hearing will be held on March 19, 2012 at 2:00 p.m., before the Honorable Solomon Oliver, Jr. at the United States District Court for the Northern District of Ohio, 801 W. Superior Avenue, Cleveland, Ohio 44113, to determine whether the proposed settlement (the "Settlement") of the above-captioned action ("Action") for $168,000,000 in cash should be approved by the Court as fair, reasonable and adequate; whether the Order and Final Judgment as provided under the Stipulation and Agreement of Settlement dated November 4, 2011 (the "Stipulation") should be entered, dismissing the Amended Complaint filed in the Action on the merits and with prejudice; whether the release by the Settlement Class of the Released Claims, as set forth in the Stipulation, should be provided to the Released Parties; whether to award Class Counsel attorneys' fees and reimbursement of expenses out of the Settlement Fund (as defined in the Notice of Proposed Settlement of Class Action ("Notice"), which is discussed below); and whether the Plan of Allocation set forth in the Notice should be approved by the Court.
IF YOU PURCHASED OR OTHERWISE ACQUIRED THE COMMON STOCK OF NATIONAL CITY BETWEEN APRIL 30, 2007 AND APRIL 21, 2008, INCLUSIVE, OR ACQUIRED NATIONAL CITY COMMON STOCK ISSUED PURSUANT TO A NATIONAL CITY REGISTRATION STATEMENT FILED WITH THE SEC IN CONNECTION WITH NATIONAL CITY'S ACQUISITION OF MAF BANCORP, INC. ON OR ABOUT SEPTEMBER 1, 2007, YOUR RIGHTS MAY BE AFFECTED BY THE SETTLEMENT OF THIS ACTION. If you are a Settlement Class Member, in order to share in the distribution of the Net Settlement Fund, you must submit a Proof of Claim and Release no later than March 9, 2012 in accordance with the procedures set forth therein, establishing that you are entitled to recovery. Your failure to submit your Proof of Claim and Release by March 9, 2012 will subject your claim to rejection and preclude your receiving any of the recovery in connection with the Settlement of this Action. If you are a member of the Settlement Class and do not request exclusion from the Class, you will be bound by the Settlement and any judgment and release entered in the Action, including, but not limited to, the Final Judgment, whether or not you submit a Proof of Claim and Release.
If you have not received a copy of the Notice, which more completely describes the Settlement and your rights thereunder (including your right to object to or opt out of the Settlement), and a Proof of Claim and Release form, you may obtain these documents by visiting the website of the Claims Administrator at www.nationalcitysecuritiessettlement.com or by writing to:
In re National City Corporation Securities, Derivative & ERISA Litigation
Claims Administrator, c/o BMC Group
P.O. Box 2010
Chanhassen, MN 55317-2010
Inquiries should NOT be directed to Defendants, the Court, or the Clerk of the Court.
Any objections to the Settlement, Plan of Allocation and/or application for attorneys' fees and expenses must be filed and served, in accordance with the procedures set forth in the Notice referred to above, no later than February 27, 2012. If you desire to be excluded from the Settlement Class, you must submit a Request for Exclusion postmarked by February 18, 2012, in accordance with the procedures set forth in the Notice. All Members of the Settlement Class who have not timely and validly requested exclusion from the Class will be bound by any judgment entered in the Action pursuant to the terms and conditions of the Stipulation.
PLEASE DO NOT CONTACT THE COURT OR THE CLERK'S OFFICE REGARDING THIS NOTICE. If you have any questions about the settlement, you may contact Counsel for the Settlement Class:
KIRBY McINERNEY LLP
825 Third Avenue, 16th Floor
New York, New York 10022
Fax: (212) 751-2540.
Dated: November 10, 2011
BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF OHIO, EASTERN DIVISION
Web site: http://www.kmllp.com/
SOURCE Kirby McInerney LLP